Freestanding Bakery and
For Sale
Under Contract
$799,900
260 S Milwaukee Avenue, Wheeling, IL 60090
Business Opportunity, Wheeling, IL
Property Size3,255 SF
Lot Size0.73 Acres
Price / SF$245.75
Days on Market335
Property Features for 260 S Milwaukee Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
ON MILWAUKEE AVE, SOUTH OF DUNDEE
Subdivision
Wheeling
Standard status
Active Under Contract
APN
03121040240000
Lot size
0.73 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
76599
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Amenities
attached garage
office
storage areas
three restrooms
security system
Building Details
Floors in Building
1
Building materials
Brick
Roof type
Membrane
Listing Agency:
RE/MAX At Home · RE/MAX International
(847) 255-1000
Listed By:
Basel Tarabein · License #IL 471008459
(847) 255-1970
Added: Oct 28, 2025
Changed: Aug 19
Last Checked: Sep 27 at 7:06AM
MLS# 12503562
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding bakery and deli property includes a 3,255-square-foot brick building on a 32,000-square-foot parcel. The operation is configured for dine-in, carry-out, and catering, with indoor seating for 40+ guests and outdoor seating for an additional 40+. The kitchen includes a 30-pan Middleby Marshall rotating oven with six shelves, two walk-in coolers, a walk-in freezer, prep and packaging areas, display cases, and refrigeration equipment. Supporting areas include an office, storage, three restrooms, and a two-car attached garage. Central air, a membrane roof, security and sprinkler systems, and natural gas availability are also provided.
Located at 260 S Milwaukee Avenue in Wheeling, the property has access to a heavily traveled corridor reporting over 30,000 vehicles daily. The site includes 30 parking spaces and is near Fresh Farms International Market, Superdawg, and Walgreens. Zoning is identified as COMMR, and the existing business has operated for more than 43 years.
Located at 260 S Milwaukee Avenue in Wheeling, the property has access to a heavily traveled corridor reporting over 30,000 vehicles daily. The site includes 30 parking spaces and is near Fresh Farms International Market, Superdawg, and Walgreens. Zoning is identified as COMMR, and the existing business has operated for more than 43 years.
Key Highlights
- 3,255‑square‑foot freestanding building on a 32,000‑square‑foot parcel
- 30‑pan Middleby Marshall rotating oven with six shelves
- Two walk‑in coolers, a walk‑in freezer, prep areas, and refrigeration equipment
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,489
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,089,780
$1.1M
Cap Rate 7%
$778,414
$778.4K
Cap Rate 9%
$605,433
$605.4K
Market Conditions
NOI Build-Up for 3,255 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$78.1K $24.00/SF
− Vacancy
−$5.5K −$1.68/SF
EGI
$72.7K $22.32/SF
− OpEx
−$18.2K −$5.58/SF
NOI
$54.5K $16.74/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,089,780
Cap Rate 7%
$778,414
Cap Rate 9%
$605,433
Alternative Uses
Best Use
Specialty Retail
$778.4K
$681.1K – $908.2K
NOI $54,489 @ 7.0% cap · market cap 6.81%
Second Best
Industrial
$200.2K
$175.2K – $233.5K
NOI $14,012 @ 7.0% cap · market cap 1.75%
Theoretical Best
Office A
$1.12M
$983.3K – $1.31M
NOI $78,666 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
30,000 VPD
Traffic count
Turnkey business
Opportunity
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
748
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60090, IL
39,017
Population
15,960
Households
2.4
Avg Household Size
39
Median Age
40%
College-Educated
88%
High-School Grad
9.0 sq mi
ZIP Area
4,335
Density / Sq Mi
$83,449
Median Household Income
$45,436
Median Earnings
$1,578
Median Rent
$243,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Operating restaurant property with commercial baking equipment, indoor and outdoor dining, parking, and attached support space.
Where is this conventional restaurant located?
The property is located at 260 S Milwaukee Avenue Wheeling, IL.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 3,255‑square‑foot freestanding building on a 32,000‑square‑foot parcel; 30‑pan Middleby Marshall rotating oven with six shelves; Two walk‑in coolers, a walk‑in freezer, prep areas, and refrigeration equipment
